THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Universo Contábil |
Texto Completo: | https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488 |
Resumo: | This study examines the trade credit of Portuguese firms as a means of financing their customers, using a panel data sample. It contributes to the scarce of empirical studies on the reasons for the granting of trade credit, and its usefulness in the financing of their costumers, being particularly interesting in the current context of financing difficulties. Globally, the results indicate that large companies with greater access to capital markets concede trade credit to customers who have greater difficulties in access to institutional funding, supporting the hypothesis of the advantage of non-financial companies. Additionally, these companies use trade credit as a legal means of price discrimination. Finally, we found evidence that firms, regardless of their size, can reduce transaction costs through the use of trade credit. |
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THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIESLA CONCESIÓN DE CRÉDITO COMERCIAL Y EL FINANCIAMIENTO DE LOS CLIENTES: EVIDENCIA EN LAS EMPRESAS PORTUGUESASA CONCESSÃO DE CRÉDITO COMERCIAL E O FINANCIAMENTO DOS CLIENTES: EVIDÊNCIA NAS EMPRESAS PORTUGUESASTrade creditFinancingPanel dataCréditoFinanciamientoDatos de panelCrédito comercialFinanciamentoDados em painelThis study examines the trade credit of Portuguese firms as a means of financing their customers, using a panel data sample. It contributes to the scarce of empirical studies on the reasons for the granting of trade credit, and its usefulness in the financing of their costumers, being particularly interesting in the current context of financing difficulties. Globally, the results indicate that large companies with greater access to capital markets concede trade credit to customers who have greater difficulties in access to institutional funding, supporting the hypothesis of the advantage of non-financial companies. Additionally, these companies use trade credit as a legal means of price discrimination. Finally, we found evidence that firms, regardless of their size, can reduce transaction costs through the use of trade credit.Este estudio tiene como objetivo analizar la actividad crediticia de las empresas portuguesas como medio de financiación de sus clientes, utilizando la metodología de datos de panel, lo que contribuye a la evidencia empírica escasa sobre los motivos de la concesión de crédito comercial y su utilidad en la financiación de los respectivos clientes, siempre se vuelve particularmente interesante en el contexto actual, las dificultades para obtener créditos bancarios. En general, las empresas más grandes, con mayor acceso a los mercados de capitales funcionan como proveedores de fondos de los clientes que tienen mayores dificultades en el acceso a la financiación institucional, apoyando la hipótesis de la ventaja de las empresas no financieras. Además, estas empresas utilizan el crédito comercial como medio legal de discriminación de precios. Por último, encontramos evidencia de que las empresas, independientemente de su tamaño, puede reducir los costos de transacción a través del uso del crédito comercial.Este estudo pretende analisar a concessão de crédito comercial das empresas portuguesas como meio de financiamento dos seus clientes, recorrendo à metodologia de dados em painel, contribuindo assim para a escassa evidência empírica sobre os motivos da concessão de crédito comercial e a sua utilidade no financiamento dos respetivos clientes, assunto que se torna particularmente interessante no contexto atual, de dificuldades de obtenção de crédito bancário. De um modo geral, as empresas de grande dimensão e com maior acesso ao mercado de capitais funcionam como financiadoras dos clientes que apresentam maiores dificuldades no acesso ao financiamento institucional, corroborando a hipótese da vantagem das empresas não financeiras. Adicionalmente, estas empresas utilizam o crédito comercial como um meio legal de discriminação de preços. Finalmente, encontrámos evidência de que as empresas, independentemente da sua dimensão, podem reduzir os custos de transação através da utilização do crédito comercial.Universidade Regional de Blumenau2013-12-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/348810.4270/ruc.20139Revista Universo Contábil; v. 9 n. 4 (2013); 144-1561809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488/2545Copyright (c) 2014 Revista Universo Contábilinfo:eu-repo/semantics/openAccessVieira, Elisabete SimõesPinho, Carlos C.Oliveira, Diana2015-09-10T13:23:25Zoai:ojs.bu.furb.br:article/3488Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2015-09-10T13:23:25Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false |
dc.title.none.fl_str_mv |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES LA CONCESIÓN DE CRÉDITO COMERCIAL Y EL FINANCIAMIENTO DE LOS CLIENTES: EVIDENCIA EN LAS EMPRESAS PORTUGUESAS A CONCESSÃO DE CRÉDITO COMERCIAL E O FINANCIAMENTO DOS CLIENTES: EVIDÊNCIA NAS EMPRESAS PORTUGUESAS |
title |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES |
spellingShingle |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES Vieira, Elisabete Simões Trade credit Financing Panel data Crédito Financiamiento Datos de panel Crédito comercial Financiamento Dados em painel |
title_short |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES |
title_full |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES |
title_fullStr |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES |
title_full_unstemmed |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES |
title_sort |
THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES |
author |
Vieira, Elisabete Simões |
author_facet |
Vieira, Elisabete Simões Pinho, Carlos C. Oliveira, Diana |
author_role |
author |
author2 |
Pinho, Carlos C. Oliveira, Diana |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Vieira, Elisabete Simões Pinho, Carlos C. Oliveira, Diana |
dc.subject.por.fl_str_mv |
Trade credit Financing Panel data Crédito Financiamiento Datos de panel Crédito comercial Financiamento Dados em painel |
topic |
Trade credit Financing Panel data Crédito Financiamiento Datos de panel Crédito comercial Financiamento Dados em painel |
description |
This study examines the trade credit of Portuguese firms as a means of financing their customers, using a panel data sample. It contributes to the scarce of empirical studies on the reasons for the granting of trade credit, and its usefulness in the financing of their costumers, being particularly interesting in the current context of financing difficulties. Globally, the results indicate that large companies with greater access to capital markets concede trade credit to customers who have greater difficulties in access to institutional funding, supporting the hypothesis of the advantage of non-financial companies. Additionally, these companies use trade credit as a legal means of price discrimination. Finally, we found evidence that firms, regardless of their size, can reduce transaction costs through the use of trade credit. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-12-30 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488 10.4270/ruc.20139 |
url |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488 |
identifier_str_mv |
10.4270/ruc.20139 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488/2545 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2014 Revista Universo Contábil info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2014 Revista Universo Contábil |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
dc.source.none.fl_str_mv |
Revista Universo Contábil; v. 9 n. 4 (2013); 144-156 1809-3337 1809-3337 reponame:Revista Universo Contábil instname:Universidade Regional de Blumenau (FURB) instacron:FURB |
instname_str |
Universidade Regional de Blumenau (FURB) |
instacron_str |
FURB |
institution |
FURB |
reponame_str |
Revista Universo Contábil |
collection |
Revista Universo Contábil |
repository.name.fl_str_mv |
Revista Universo Contábil - Universidade Regional de Blumenau (FURB) |
repository.mail.fl_str_mv |
||universocontabil@furb.br |
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1798945116350578688 |